The Turkish housing market seems to be flourishing again, sales to local Turks increased and more encouragingly property sales to foreigners rose by 65.3% in July alone compared to the same period last year. Official data released on the 24th August 2017 has given figures for a total of 1,726 properties sold to foreigners in July and the top buyers are Iraqis the data has been taken from the Turkish Statistical Institute (TÜİK).
A total of 293 properties were sold to Iraqis, followed by 248 sales going to the Saudis. The Kuwaitis are in third place with 142 units, Russians bought 118 and the Brits invested in 76. The largest city in Turkey by population is Istanbul and almost 31% or 528 properties of the total sales to foreigners happened there.
Antalya located on the Mediterranean Sea came second to Istanbul with 386 property sales and this is the area most favoured by the Russians. The province of Trabzon which is found on the Black Sea came third with a total of 121 units sold to foreigners. According to data from TÜİK, the number of residential properties sold in Turkey rose by 42.3% year on year increase in July.
July saw an increase of 19% of sold units across Turkey compared to Junes figures, in total 115,869 properties were sold. Property sales were spread across the country with Istanbul having the highest share of house sales at 15.6%. The capital of Turkey which is Ankara had a 10.1% share of sales and Izmir which is on the Aegean coast had 5.6% share of property sales in July. Eastern Turkey is also mentioned in the figures released by TÜİK the province of Şırnak sold 41 units, Hakkari had 17 sales and Ardahan sold 8 properties.
The figures also showed that in July 2017 a total of 38,575 property ownerships changed by mortgage sales with a 62.4% increase compared to July 2016. It is good news for Turks and foreign investors who apply for a mortgage as the banks are now keen to lend. This, in turn, has seen a rise in sales as the younger Turks are opting to buy their own property instead of living with the family. It has certainly paid off for the banks promoting mortgages and the boost in sales has, of course, aided the builders and developers to build new units and modernise and update current homes.
If you want to apply for a Turkish mortgage you will need to put down a deposit of at least 30% of the value of the property (which is correct at the time of writing) these figures fluctuate and the various banks in Turkey offer a variety of incentives for you to bank with them. However, we can secure the best deals around for you so please have a chat with us when you arrive in Turkey for viewings with us. All of the terms and conditions of buying can be discussed once you have seen your ideal property.